Silver Price Daily Forecast – Silver Gains Some Ground At The Start Of The Week

Silver ETF Moves Higher While Gold Remains Stuck In The $1800 – $1815 Range

Silver is currently trying to settle above the resistance at $22.90 while U.S. dollar is gaining some ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $21.20.

The U.S. Dollar Index is currently stuck in the 96 – 96.25 range. If the U.S. Dollar Index manages to settle below the support at the 96 level, it will gain downside momentum and move towards the support at 95.75 which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

Gold settled above the $1800 level and is trying to get to the test of the next resistance level which is located at $1815 while SPDR Gold Trust is testing the $169 level. A move above the resistance level at $1815 will push gold towards the resistance at $1830 which will be bullish for silver.

Gold/silver ratio received support near 78.50 and is moving towards the 79 level. If gold/silver ratio settles above this level, it will head towards the resistance at 79.50 which will be bearish for silver.

Technical Analysis

Silver is testing the resistance level at $22.90. In case this test is successful, silver will move towards the next resistance which is located at the 50 EMA at $23.15.

A move above the resistance at the 50 EMA will open the way to the test of the next resistance at $23.50. In case silver manages to settle above $23.50, it will head towards the resistance at $23.70.

On the support side, the nearest support level for silver is located near the 20 EMA at $22.75. In case silver settles below $22.75, it will move towards the support at $22.60.

A successful test of the support at $22.60 will push silver towards the next support level at $22.30. If silver declines below this level, it will move towards the next support which is located at $22.10.

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